T is the heat treat condition rather than a chemical variation. Usually about 30HRC, which actually makes the metal slightly nicer to machine:- less 'grabby', compared with the straight EN8 or EN16. It's also a reasonable state for components that don't suffer extreme stress. Nuts come to mind.
The M versions have extra sulphur to make them easier to machine, but they won't be hardened as they come. Doesn't matter for cams if you're going to harden them after machining.